on august 1, 2025, concord corporation issued $500,400, 9%, 10-year bonds at face value. interest is payable annually on august 1. concord's year end is december 31. (a) prepare the journal entry to record the issuance of the bonds (b) (c)

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21-11-2022
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on august 1, 2025, concord corporation issued $500,400, 9%, 10-year bonds at face value. interest is payable annually on august 1. concord's year end is december 31. (a) prepare the journal entry to record the issuance of the bonds (b) (c)

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anthougo anthougo · Answer 1 · 2022-11-28T23:16:49+01:00

The journal entries to record the issuance of the bonds, accrual of interest on December 31, 2025, and payment on August 1, 2026, are as follows:

Journal Entries:

a) Bond Issuance:

August 1, 2025:

Debit Cash $500,400

Credit Bonds Payable $500,400

To record the issuance of 9%, 10-year bonds at face value.

b) Interest Accrual:

December 31, 2025:

Debit Interest Expense $18,765

Credit Interest Payable $18,765

To record the accrual of the interest expense for the year.

August 1, 2026:

c) Interest Payment:

Debit Interest Expense $26,271

Debit Interest Payable $18,765

Credit Cash $45,036

To record the payment of the interest expense for the first year.

Transaction Analysis:

August 1, 2025: Cash $500,400 Bonds Payable $500,400

December 31, 2025: Interest Expense $18,765 Interest Payable $18,765

August 1, 2026: Interest Expense $26,271 Interest Payable $18,765 Cash $45,036

Learn more about recording bond issuance and interest payments at https://brainly.com/question/14400226

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Question Completion:

b) The accrual of interest on December 31, 2022.

c) The payment of interest on August 1, 2023.